Ticker

June 16, 1989

RICHMOND — CIRCUIT CITY SPLITS 2-1

The board of directors of Circuit City Stores Inc. today declared a 2-for-1 split of its outstanding common stock, $1 par value.

Stockholders of record of common stock at the close of business on June 29 will be entitled to participate in the stock split, and certificates representing the new shares will be distributed on July 14. At present, Circuit City has approximately 22,687,000 shares outstanding; following the split the company will have approximately 45,374,000 shares outstanding. Crestar Bank in Richmond serves as registrar and transfer agent for the company.

MILL TO GET UPGRADING

The board of directors of Chesapeake Corp. announced plans to invest approximately $100 million in projects for the Kraft Products Mill located in West Point. The projects will include construction of an $80 million recovery boiler and related equipment, with additional funds allocated for a upgraded recycling system and installation of additional bleach plant equipment.

The new recovery boiler and related equipment will replace the No. 3 boiler which has a 500-ton-per-day capacity with a 1,000-ton-per-day, low-odor recovery boiler.

The company said in a news release that under extreme pressure, the pedal could become caught by a stopper that is covered by floor material. It said it would install rubber blocks under the pedals in all 77,000 Preludes.

In addition, the company said it would reinforce front-seat anchors that don't meet federal strength specifications in about 25,000 of the cars. All work will be done at no cost to the car owners, Honda said.